Insurance – Communication Through Smart Contract

Decentralized process of communication/connection with a data source through a smart contract. The insurance company receives data related to the occurrence of the insured event through a smart contract. The third-party data is used directly in a smart contract and not in the insurance company’s IT system.

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Disadvantages of the existing model

The insured has to present a claim and accompanying documents to the insurance company.

Insurance companies can be potentially interested in rejecting compensation claims under the pretext of incomplete documentation.

New model

Our proposal implies using data from the external sources passing through a blockchain-based smart contract. In this case, data is stored and processed in the network of nodes. Nodes are installed and supported by an open community, do not belong to any entity and hence no one is able to affect the data recording process.

Data is transferred into a smart contract from external sources with the help of an Oracle.

Advantages of the new model

Decentralized data recording offers the following benefits:

Independence from stakeholders. Noone can affect data source data storage.

Fault-tolerance and outage protection – the property that enables a network to continue operating properly if some of the network nodes fail.

Communication with data source

Credits

Learn more from our presentation

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Why Credits?

We have created a unique blockchain platform which makes it possible to adopt blockchain technology in a variety of existing industries

Single protocol for issuing, storing and transferring various types of assets

Infrastructure on a distributed network with a public registry

Accounts system with public and private keys

Set of security systems

Built-in programming language for creating services

Contact Us

We have a strong team of programmers and support offering:

Consultations on how to use technologies

Help with PoC (proof of concept) and MVP development

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